WB maintains financial, tech support to Philippines

MANILA, Philippines—The World Bank will continue to provide financial and technical support to the Philippines over the next two years to further reduce poverty incidence in the country.

In a statement, the World Bank said it recently completed discussions with the National Economic and Development Authority (NEDA) on the bank’s continued support for the Philippines for next year until 2013.

In 2012, the bank may extend some $1.5 billion worth of developmental loans to the Philippines.

“Our program of support for the country for 2012-2013 is guided by our Country Assistance Strategy with a firm commitment to support inclusive growth in the country,” said acting World Bank country director Chiyo Kanda.

Some of the projects and programs that the World Bank is willing to finance through developmental loans are those related to health, education, infrastructure development, disaster risk management, and conditional cash transfers, among others.

Conditional cash transfers are food subsidies to selected poorest households.

The World Bank is one of the Philippines’ biggest sources of official development assistance.

The term “inclusive growth,” which has become a buzz phrase among economists, refers to economic growth benefits that trickle down to the masses.

Development institutions like the World Bank has pressed countries like the Philippines to aim for growth that is “inclusive,” saying economic progress that do not lead to poverty reduction is not meaningful.

The Philippines continues to grow over the years, even during the height of the global economic crisis in 2009, when many industrialized countries sank into recession.